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AUD/USD Analysis: holding on to modest gains ahead of Chinese data

Written by By Valeria Bednarik | 2019-07-11 19:07:38 GMT

AUD/USD Current Price: 0.6975

  • China to publish June Trade Balance figures, relevant amid the ongoing global trade war.
  • Australian Consumer Inflation Expectations in July at 3.2%, slightly below the previous 3.3%.
  • AUD/USD retreated after nearing 0.7000, bulls could take over only beyond 0.7010.

The AUD/USD pair is trading at around 0.6970, barely 10 pips above its Thursday’s close, having been unable to regain the 0.7000 figure, as an approach to the level faded, despite the strong momentum in worldwide equities persisted. Australian data released at the beginning of the day were mixed, as Consumer Inflation Expectations in July came in at 3.2%, slightly below the previous 3.3%. Home loans remained flat in May against a 0.6% decline expected, while Investment Lending for Homes in the same month fell by 1.7%.

The upcoming Asian session will bring Chinese trade data for June, with both exports and imports are seen sharply up yearly basis. In dollar terms, the market foresees a surplus of $44.65B. Attention will be on the Chinese trade surplus with the US, as it could be a sign of more trade tensions coming between the two economies.

AUD/USD short-term technical outlook

The AUD/USD pair is holding above all of its moving averages in the 4 hours chart, while, despite easing, technical indicators remain above their mid-lines, indicating a limited downward potential at the time being. Nevertheless, the pair would need to surpass the 0.7010 region to actually become bullish short-term, with scope then to retest early July high at 0.7047. Bears, on the other hand, could take over the pair if it loses the 0.6950 support.

Support levels: 0.6950 0.6915 0.6880  

Resistance levels: 0.6970 0.7010 0.7050  

View Live Chart for the AUD/USD

Author

By Valeria Bednarik
InstaForex

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